I just received the following in a British Midland newsletter:
From 3 July 2012, Diamond Club members will be able to transfer their destinations miles to Executive Club Avios at a rate of 1:1.
The online transfer tool, which will be available from 3 July, will allow Diamond Club members to undertake transfers between their Diamond Club and Executive Club accounts.
Please ensure that your contact details, including your name and date of birth, are up-to-date in both your Diamond Club and Executive Club accounts so you are able to use the transfer tool with ease.
I’m excited about this, as it will open up quite a few redemption options on both sides. As of May 31 it’s no longer possible to use Diamond Club miles for travel on Star Alliance carriers, so the uses of Diamond Club miles are pretty limited at this point.
At the same time they do have some cool partner airlines like Qatar Airways and Virgin Atlantic, which you’ll now have access to by transferring British Airways Avios points to Diamond Club.
I’ve flown Qatar Airways in first class and they’re definitely worth a try. As far as traveling to the UK goes, I’d rather fly Virgin Atlantic Upper Class than British Airways Club World, so for the time being it’s a nice option (though I suspect that relationship will end sooner rather than later).